Stone Bancshares Inc. is buying DBT Financial Corp., parent company of the $94 million-asset DeWitt Bank & Trust. Financial terms weren't announced.
The transaction is expected to close during the second quarter, pending regulatory approval.
DeWitt Bank & Trust will be merged with the $372 million-asset Stone Bank. The combination will boost Stone Bank's total assets to $465 million.
"We are very excited to extend our banking brand and services into Arkansas County," said Marnie Oldner, CEO of Stone Bank and EVP of Stone Bancshares in a news release. "DeWitt Bank & Trust is a good fit with our suite of services designed for rural communities and the expertise we’ve developed in farm lending. This merger will also allow Stone Bank to begin offering trust services, which are so important in farming communities."
DeWitt Bank & Trust generated a profit of $2.5 million last year, compared to $2.1 million in 2017. The bank operates two full-services offices in De Witt and Gillett supported by a staff of 20.
Stone Bank has 86 employees and locations in Harrison, Little Rock, Mountain View, White Hall and Cave City.
